Getting your jewelry appraised every 5 years will help assure you have the the right coverage for your items.
Maybe it’s your wedding ring. Or a gold watch. Or a bracelet that’s been handed down for generations. Whatever jewelry you might have, If you already have personal property coverage as part of a homeowners, renters, or condo policy, you likely already have some form of protection for your jewelry.
But is it enough?
Your insurance policy may cover each individual piece of jewelry at a set amount, such as $1,000 per piece. Or, it may cover your jewelry collection as a whole, such as $3,000 for all pieces. Those figures are all based on appraised numbers for your jewelry items.
But if it’s been a few years, you should get your jewelry appraised again. Keep in mind that your pieces may be worth more now than when you first got them. The value of precious metals and precious stones can increase over time, which is why it makes sense to have your pieces appraised every five years. Use these appraisals, as well as receipts for recently purchased items, to add up the value of your collection. Then compare it to how much jewelry replacement coverage you currently have on your homeowners insurance, condo insurance or renters insurance.
Decide which items require additional coverage If the jewelry coverage on your policy is lower than the value of your collection, you'll likely want to purchase additional coverage. For example, you may have a $2,000 pair of diamond earrings, a $7,500 engagement ring and an insurance policy that covers jewelry loss – no matter how many pieces – at $3,000. If both pieces are lost in a single incident, you're short $6,500 of coverage. To fill this gap, you can insure high-value items individually, as part of your homeowners insurance, condo insurance or renters insurance. This is known as "scheduling valuables" or adding an "endorsement" to your policy. To do so, you will likely need a recent receipt or appraisal establishing the value of each item. Once scheduled, if an item is damaged or lost in a covered incident, you'll be covered for the full scheduled amount of your newly appraised item. Typically, scheduling an item also gives you broader coverage. A lost stone that isn't covered under your homeowners policy, for example, is likely covered under a policy rider. And scheduling jewelry buys back any applicable policy deductibles.
The cost of an appraisal will depend on the number of pieces you're having appraised, the complexity of the appraisal, and the experience level of the professional performing it. In general, you can expect to spend up to $150 per hour for an appraiser's time.
In the long run, the money you pay for a new appraisal could end up saving you hundreds or even thousands of dollars. That’s peace of mind that is worth its weight in gold!
If you’d like us to look at your existing jewelry coverage protection, we’d be happy to help. Just give us a ring! 314-894-1313 or text 314-582-9848